PWRTrade Review - is it scam or safe?

RATING: 1 / 0 REVIEWS
ForexBrokerzPWRTrade

PWRTrade is not regulated. We cannot guarantee your money is safe.

Trading Accounts and Conditions

PWRTrade claims to offer forex and CFD trading, but various sources suggest that it is in fact a binary options broker. It also seems to offer account management services. The problem is that the website of the broker has not announced any trading specifics, and we could not register an account either.

We have a lot of concerns regarding this broker and don’t recommend investing with it. Read on to get all the details.

PWRTrade Advantages

We could not think of any positive features of this broker.

PWRTrade Disadvantages

Offshore company, notorious address

PWRTrade is allegedly owned and operated by GN Capital Limited, a company registered in the Marshall Islands, but various sources suggest that it in fact runs its operations from Bulgaria.

On exactly the same offshore address (Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960) are registered a lot of shady brokers we have reviewed, such as AxeCC, PBN Trade, iForex24, CryptoEU, Tradex1, FXG Invest, and more. Judging by the negative comments submitted by people who claim to be clients of some of these brokers, they are all a bunch of scammers, so you’d better stay away from PWRTrade and, actually, all the rest.

A plethora of complaints against PWRTrade

As we mentioned negative feedback, we should also say that we encountered a lot of complaints against PWRTrade in various websites and forums. According to some of the complaints, the broker cancels withdrawals and forces its clients to trade and to deposit more. It seems that many investors lost a lot of money.

Blacklisted by several regulators

Another major red flag regarding PWRTrade is that the broker is blacklisted by several financial authorities.

The Financial Services and Markets Authority (FSMA) in Belgium warned the public that PWRTrade is not an authorized investment firm or credit institution in Belgium and it offers trading in speculative and particularly risky trading products (binary options).

Click on the image to zoom in.

Furthermore, the FSMA advised against responding to any offers of financial services or public offerings of investment instruments made by GN Capital Ltd (PWRTrade) and against transferring money to any account number it might mention.

PWRTrade is also in the list of 40 forex and binary options broker sites that were recently blocked by Bulgarian court after the local Financial Supervision Commission (FSC) warned that these brokers are not authorized to provide investment services in the country.

The Manitoba Securities Commission in Canada has also blacklisted PWRTrade, stating that the company is not registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities.

No info on the trading conditions, platform, etc.

As we mentioned in the beginning, PWRTrade leaves a lot of important questions regarding its pricing and trading conditions unanswered. The broker does not mention the initial deposit it requires, what are its payouts or spreads, nor what platform it uses.

Most forex brokers support the popular MetaTrader 4 and also offer free demo accounts, so that (potential) clients can test their services.

It is not clear whether PWRTrade is a binary options, or forex and CFD broker, what platform it uses, nor what trading conditions it offer. Yet, we know enough to warn you not to sign up with it: PWRTrade is an offshore broker, blacklisted by several financial authorities. On top of that, there are numerous complaints about this broker submitted by investors in various websites and forums.

We always advise our readers to select very carefully their investment intermediary. It is best to choose among brokers regulated by trustworthy regulators, such as the UK’s FCA or Australia’s ASIC. It is also a good idea to check the broker’s name in the web to see whether there are any complaints or warnings against it.

24Option is probably the largest and most reputable binary option broker. It is regulated by CySec and all client deposits up to EUR 20 000 are guaranteed by Financial Services Compensation Scheme (FSCS). 24Option offers 100% bonus on deposit.

Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.
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